The infrastructure that empowers Web3.0 QitChain — the rising star of the public chain AMA successfully concluded
The rising star of the public chain AMA successfully concluded that was hosted by golden finance where Chain Change School, Sato Ventures, Chairfir Capital, CEO of Qitchain Shoaib, Korean node service provider, Chinese community service provider, Seach Labs and Metaverse Developer Community were guests.
How to understand Web3.0
According to Chain Change School; Web3.0 can be understood from many aspects, such as technology, business model, governance concept, etc. This time we will explain it from the perspective of data. In the current Internet, data acquisition and governance can be said to be the top priority of each enterprise. The era of web1.0 to web3.0 has different understandings of data:
The role of data in the web1.0 era is mainly to combine, which can be reflected in the integration and distribution of the acquired data by various portals, but the value of the data itself is not noticed.
The role of data in the web2.0 era has evolved into interaction, and the value of data has gradually begun to be mined in the process of interaction, but the mining and results of this value are also mainly attributed to service providers, thus resulting in a series of operational centralization problems.
The role of data in the web3.0 era lies in personalized customization, and in order to achieve personalized customized data applications, support at all levels is required. Such as:
1) Unified identity authentication for heterogeneous networks and services.
2) Data confirmation and authorization.
3) Privacy protection and anti-censorship.
4) Decentralized operation, etc.
Sato Ventures said that Web3.0 is a new era in which the Internet has undergone continuous updates and iterations and is based on blockchain development. Web1.0 gave us an environment where we could search for some information on the Internet, which improved the efficiency of information and communication at that time; Web2.0 was created by Internet companies, allowing us to create and disseminate information products on the Internet on the basis of Web 2.0 whereas Web 3.0 returns the value of personal information data from middlemen to individuals, and finally realizes true democracy.
The faster the information age develops; the more valuable information data becomes. In the current Internet era, the value generated by information data is used by third parties, but the source of real value has not received due returns. In the era of Web 3.0 with blockchain as the underlying technology, the emphasis is on the return of personal value, “my data; my value”.
According to Chairfir Capital; Web3.0 will bring about a brand-new digital era, spawn new business models and markets, generate a large number of bottom-up innovations and can also solve the current network data storage, data issue, etc.
Web3.0 is an Internet open to all users, built on open protocols and transparent blockchain networks. The way consumers interact with these protocols may be through hybrid applications that provide a convenient way to interact with the underlying technology. Regarding Web3.0, we can simply understand it as Web1: reading, Web2: reading, writing; Web3.0: reading, writing, and owning.
We can also understand it in the following ways:
Web 1.0 — Host-generated content, host-generated permissions. People who want to publish to the web have to run their own server to host the website. Websites are primarily read-only, providing little interface for user content creation or interaction.
Web 2.0 — User Generated Content, Host Generated Permissions. There are websites that allow people to create user accounts so they don’t have to host their own servers to publish to the web. This has led to more user-generated interactive content, but these sites have grown into powerful platforms, and users ultimately have no control over their accounts and content.
Web 3.0 — User Generated Content, User Generated Permissions. A model is emerging where people don’t have to host servers or create user accounts in other people’s databases to create content. Servers can choose whether to host someone’s account or content, but they have no final authority, and the technology to achieve this is a “self-authenticating protocol” based on cryptographic signing and hashing.
In the view of Node service provider Ethan; Web1.0 is the era of one-way data, and web2.0 is the era of two-way and centralized data. Users generate data but do not generate income, and the centralized institutions that collect data make a lot of profits. Web3.0 can change the current centralized network. The world economy supported by Web3.0 is the data economy, and all data-based applications are inseparable from storage. Information storage will become the foundation of future economic buildings, prompting profound changes in the economy and society.
Korean storage service provider explains that the beginnings of the Web 3.0 Internet can be traced back to the global web launch in 1989. Tim Bird-Lee put it this way: “People keep asking what Web 3.0 is? I thought maybe on Web 2.0 there’s a scalable vector graphics overlay; The Semantic Web of Huge Data Spaces; You Can Access Incredible Data Resources” (Victoria Shannon, 2006). Gavin Wood explained it this way;
“Web 3.0 is an inclusive set of protocols that provide building blocks for application makers. It enables a new global digital economy.” Web 3.0 is blockchain-oriented, which means it is decentralized and has full data ownership.
It makes your search more personal. It acts as a personal aid; helping you in everyday life. It creates a true peer-to-peer marketplace between fast producers and consumers and helps users control their data at all times. It improves accessibility and is intended to bring a magic one-click experience.
Web 3.0 has some specific characteristics. Some of these characteristics are an open and accessible developer community developing its open-source software. Users can interact with their partners on the web without having to support a trusted third party. Web 3.0 employs a decentralized incentive structure.
How to better combine the security, high performance and decentralization of the public chain?
According to Chain Change School; in the field of blockchain, there is a famous impossible triangle theory, that is, “a blockchain network cannot achieve decentralization, security and scalability at the same time”. The scalability here is another kind of high performance in the distributed field. The impossible triangle theory of blockchain comes from the famous CAP theory of distributed systems, that is, a distributed system cannot satisfy Consistency, Availability and Partition tolerance at the same time. It should be pointed out that although the CAP theory is a theory derived from experience, it has the theoretical basis of the FLP impossibility theorem, but at present, the blockchain impossible triangle does not have enough empirical derivation and theoretical support.
Of course, the problem of the impossible triangle of the blockchain itself still exists to a certain extent. For example, Bitcoin and Ethereum have sufficient security and decentralization but their performance is worrying. At present, Ethereum is trying to solve scalability through sharding technology, but the security aspect may be threatened.
For the public chain, one way to combine the three is to try to break through the third corner while ensuring two corners, and the other way is to break through the impossible by lowering the fourth and fifth corners. For projects in the industry that claim to have broken through the impossible triangle, it is also necessary to identify the authenticity of their statements.
Qitchain’s characteristics compared with other public chains
The CEO of Qitchain Shoaib while answering this question said that today, there are many public chains emerging, including BSC, which is second only to Ethereum, Solana, which focuses on high performance, and Polkadot, which can realize cross-chain development. QitChain is an information aggregator that enables blockchain. With the extreme openness and inclusiveness of the blockchain, the development and innovation of the public chain is essential.
Qitchain mainly empowers the blockchain, performs distributed storage and distributed retrieval of the effective data of the blockchain, and forms an effective information aggregator in the blockchain network. At present, QitChain is in the construction stage of the underlying facilities and is upgrading the underlying protocol for secure payment.
QitChain Network is laying out the underlying facilities of the blockchain search engine, which will be an effective information aggregator for the entire blockchain. The block-rewarded blockchain network combines the advantages of “green BTC” Chia, with a low threshold, everyone can effectively participate in and maintain the network, and the global node distribution effectively ensures the security of the network. QitChain Network is based on the CPOC consensus mechanism, and storage service providers have a cost to participate in network maintenance, which increases the cost of network attacks. Currently, the number of QitChain Network global nodes continues to grow. Chia is the most secure network beyond the BTC network, and QitChain Network will be the more secure blockchain network beyond Chia.
Can it be compatible with other public chains?
Qitchain can be compatible with other public chains. Through a set of cross-chain protocols, you can first bind and verify with other public chains at the asset level, so as to achieve compatibility and interoperability between multiple chains. QITCHAIN is about to improve Turing completeness in the second stage of project development and cooperate with other public chains.
Can you share the security technology of QitChain?
Chain Change School comments regarding the security technology. The said that the difficulty adjustment algorithm based on deadline guarantees stable block rate
and tps; Propose a complete set of account and transaction system based on the public
and private key system. Based on the SHA algorithm to ensure the uniqueness and irreversibility of the hash it established a secure signature algorithm based on the ECC system. Based on a limited script system to ensure the safe operation of virtual
machines, there will be no loopholes similar to Ethereum smart contracts
How did QTC perform after listing on CoinW?
Korean node service provider sees that qtc is still in a state of stamina after going online in the bear market.
QTC ensures the healthy development of the entire cryptocurrency by establishing a long-term incentive economic model based on the Proof of Capability (PoC) consensus algorithm. At the same time, it enhances the PoC, resulting in the Conditional Proof of Capacity (CPoC) consensus method. Fair incentives increase with points of requisition (PoS), resulting in higher community consensus.
The total supply is 105 million tokens (105,000,000) with block time 3 minutes. The initial block size is 75QTC/block, 2MB block size. In the halving cycle, the first halving time is the height of 420,000 blocks, and in the future, the height of 700,000 blocks will be halved each time.
Conditional Proof of Capacity (CPOC) requires 10 QTC/T for a 360-day pledge period and 5 QTC/T for a 540-day pledge period. The staking demand halving is synchronized with the block halving period.
Economic incentives (the application and effect analysis of the same POC algorithm in QTC) are:
(1) Friendly to light nodes, conducive to the formation of a secure network:
At the same time, the storage provider needs to provide 5 times (360 days of pledge) or 10 times (540 days of pledge) of the storage capacity factor of QTC (the coefficient will be halved as the total amount is halved), forming a huge demand for QTC spot.
(2) CPOC consensus mechanism: The POC income of the storage provider can obtain 20% of the output of the whole network as a reward by participating in the competition of the top ten nodes of POS. Such a consensus mechanism has effectively intervened in the currency holding trends of the world’s largest storage providers, greatly reducing the selling pressure in the market, which is more conducive to the updating and iteration of technology and ecology. The formation of QTC enables QTC to provide free, efficient and secure storage and search services for more blockchain projects such as LTC, NFT, Metaverse, etc.
(3) The project party holds fewer coins, and most of them are distributed to storage merchants. The price of QTC is reflected by the market supply, and the project party cannot interfere at will.
Due to the POS incentive of the consensus layer, the QTC in circulation will be scarce and the price will be high. In order to facilitate the formation of a secure network, the project party will also appropriately release QTC to adjust the market price to lower the threshold for entry of light nodes optimizing the security of the network, and at the same time promotes the establishment of global nodes to prevent ecological construction from failing.
How many nodes are there in the whole network now and where are they distributed?
Chinese community service provider explains that
at present, there are about 5,000, mainly in the Asia-Pacific region.
Recent technological breakthroughs or new layouts
According to Search Labs; at the infrastructure level, QitChain has built services such as blockchain ledgers, file storage, and interactive protocols, providing the cornerstone for building various decentralized services. In terms of technology integration; QitChain will integrate a series of front-end technologies such as AI, AR, VR, IoT, etc. With the development of technology, more high-tech will be integrated in the future to build a more powerful ecosystem.
In the ecological service system, QitChain not only provides common decentralized applications such as DeFi, NFT, games, and social networking, but also builds decentralized search engines, metaverse and other applications, and establishes a Web3.0 system. Transformation, supply chain finance, healthcare, and education will also play an important role.
In addition to security, edge computing is also making breakthroughs, that is to say, data encryption and confirmation can be performed in real time on the web client. It also improves Turing completeness, which is expected to be Large-scale cross-ecological applications and cooperation can be achieved by the fourth quarter of 2022 at the latest.
As for the latest layout, the project party and the consultant team may bring in a large number of well-known international investment institutions to strengthen the publicity and promotion of QTC’s market, community and ecology.
How to create a large-scale blockchain application?
Sato Ventures comment that the first, from an external point of view, with the comprehensive development of Internet technology, blockchain technology and the rise of various service ecosystems, there is a great environment for innovation and development.
Secondly, from an industry perspective, public chains, alliance chains, wallets every different track, such as DApp, needs to have better interactivity and will have a mutually reinforcing effect. Finally, the combination of “industry + blockchain technology” has gradually formed, which has been popularized in all walks of life. At the same time, more applications continue to come out of the circle, making the blockchain technology and its innovation develop rapidly. With the development of a large number of DApps, more sustainable industrial applications will be born.
At what stage and what is being done now
The development of Qitchain belongs to the first stage: the global community is doing a lot of consensus; the founding team is working hard to improve Turing completeness at the bottom; Preparing for the second stage of cross-chain and
How does QitChain empower the blockchain and will it cover the entire blockchain field in the future?
According to Search Labs; Qitchain’s original intention of building a search engine allows people to own their resources, freedom, and empowers data owners through decentralization. Furthermore, monetary and other benefits derived from this data should go to all without the need for a middleman. Taken together, this means: “my data, my value”.
In contrast to traditional search technologies, we may not always be aware that every time we browse the Internet through search engines, social media or large retailers, a lot of our personal information is tracked and recorded in some form. This information is then used in various advertising campaigns. These businesses spend a fortune hoping to get a slice of the multibillion-dollar online consumer industry. These campaigns are translated into intrusive pop-up and mostly irrelevant sponsored ads that fill our everyday online experience. These use cases are virtually limitless and can be applied to any product or service we are interested in. It is not much different from traditional search use. The only difference is that when others need to use your data, they will need your permission.
QITCHAIN will use its own technology and consensus advantages to provide the infrastructure of WEB3.0 services, providing distributed storage and retrieval services
What value will QitChain Network bring to users?
According to Chain Change School QTC brings following values to users:
Asset value: QTC will be used as a basic asset and can participate in the entire QitChain ecosystem to experience the network changes brought about by Web3.0.
Ecological value: Experience various services with decentralized search engines as the ecological core, such as the common DeFi, NFT, low-cost file storage, and the metaverse world, all of which can be easily accessed from the ecological aggregator access and everything is based on the premise of privacy protection.
Personal value: Each user will participate in the network with a unique identity, and the data value generated by this identity will be attributed to the individual user. Everyone is a service provider, a user, and a value bearer.
At present, QitChain Network is connecting with different public chain projects, and hopes to develop ecological construction together with more public chain projects, work together to better serve the users with the underlying infrastructure of the blockchain, and give users and developers the best experience. In the future, we will also consider ecological cooperation with other types of projects, such as distributed storage, DeFi, NFT, GameFi and other types of projects, to expand the ecological construction of QTC.
Which ecosystems will we cooperate with next?
In the future, we will also consider ecological cooperation with
other types of projects, such as distributed storage, DeFi, NFT, GameFi and other types of projects, to expand the ecological construction of QTC.
How is the current community going? Will it deploy communities in multiple countries at the same time?
Chinese community service provider is of the opinion that at present, the project party mainly conducts a large number of online AMA roadshows in Southeast Asia, Europe and the United States.
Multi-ecological cross-chain cooperation will be carried out. The upgrade of technology will definitely bring great ecological prosperity on the existing basis, and the market demand of QTC will greatly increase.
Well-known international investment institutions are willing to participate and pursue investment, and global top exchanges are also launching QTC one after another, so the liquidity of QTC will be greatly improved.
Optimistic activities of QTC
We searched for advantages of QTC before we got involved
1. The economic model is friendly and can cross bulls and bears
2. The resources of the blockchain industry are relatively top
3. The source code is open, transparent and trustworthy
4. Famous company security audit, network security is guaranteed
5. Meet the needs of web3.0 users
6. There are many cooperative agencies for operation, publicity and distribution, and the brand is well-known
7. There are many investment institutions, and the project has considerable prospects
According to Metaverse Developer Community; at present, QitChain is in the construction stage of the underlying facilities and is upgrading the underlying protocol for secure payment. In the future, it will gradually build smart contracts, establish an ecosystem, integrate popular track projects such as NFT and Metaverse, and provide more innovative blockchain projects and applications. QitChain benchmarks against Google in the Internet, provides secure storage and retrieval services for universities in the blockchain field, and finally forms a distributed search engine system that touches a huge user base and developers.
Chairfir Capital as an investment institution is optimistic about QTC
We are optimistic about the technological innovation of the QTC project and the selected distributed storage and search track. First of all, we must understand that Qitchain is an independent public chain, which aims to empower the blockchain, perform distributed storage and distributed retrieval of effective data in the blockchain, and form an effective information aggregator in the blockchain network. As a blockchain network that uses hard disks for block rewards, QitChain combines the advantages of previous projects with a low threshold, enabling everyone to effectively participate in and maintain the network. The global node distribution effectively ensures the security of the network.